TODAY OVERVIEW AN AGRI COMMODITY MARKET UPDATE 14 MARCH 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean futures closed lower last week on expectation of adequate supplies in physical markets capped further gain. The oil millers are active at lower prices. Soybean in spot market gets some boost from increase in meal exports. As per SEA monthly release, India exported 207,977 tonnes soymeal in February, up from 29,950 tonnes in the year-ago period. The exports were higher this year as prices of Indian soymeal are more competitive.

Refine Soy Oil

Refined soy oil futures continue to fall on Monday tracking international prices, adequate supplies and import tariff cut making imports cheap. Domestic edible oil in 2016/17 is forecast to produce 72.8 lt, up 25.5% compared to last year’s production of 58 lt. The government has cut the base import price of soyoil by $33 per tonnes for first half of March, steepest cut among other edible oils. The base import price of crude soyoil is now at $814.

Jeera

Jeera March future closed lower on Friday due to profit booking but good spot demand keeps the prices higher. The arrivals have been good in the physical market. There are expectations of increase in export demand at slightly lower levels. As per Agmarknet data, during Mar 1-13 about 18,303 tonnes of jeera arrived compared to 4,670 tonnes during last month same period.

Turmeric

NCDEX Turmeric fell lower last week due higher arrivals and lower deamnd. The demand for the new season turmeric in recent weeks is lower. The turmeric arrivals in the country is higher at 50,506 tonnes during Mar 1-13 compared to 11,057 tonnes during previous month, as per the Agmarknet data. On the export front, country exported about 82,115 tonnes during April-Dec period, up by 28% compared to last year exports of 64,105 tonnes, as per government data.

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-17010

S1 - 16800                                                          R1 -17300

S2 –16600                                                          R2 -17600

SOYABEAN

P. POINT-2872

S1 - 2860                                                             R1-2890

S2 - 2845                                                             R2-2910

CORIANDER

P. POINT-6620

S1- 6645                                                               R1-6660

S2- 6505                                                               R2-6735

R.M SEED

P. POINT-3863

S1 - 3818                                                              R1-3889

S2 - 3792                                                              R2-3934

TURMERIC

P. POINT-6692

S1- 6430                                                                R1-6810

S2- 6560                                                                R2-6930